The Perks of Renting for Over 55 Communities in Barnegat NJ
If you’re nearing retirement, it may interest you to discover the advantages of renting. In over 55 communities in Barnegat, NJ, seniors can find a comfortable living, free from the hassles of home maintenance.
While owning a home in retirement has its advantages, there are many benefits of renting, including lower cost of living, the opportunity to change your lifestyle, and less home maintenance tasks. In sum, the overall freedom that can be achieved by downsizing is the primary factor that makes many retirees opt to rent.
The recent trend in apartment development is an indication that rental properties are attracting a new kind of renters. Many seniors are tired of mowing the lawn, fixing repairs, and living alone in a home that is designed to house four or more people. They want someone else to take over the responsibility of home maintenance. The U.S. Census data shows that seniors 55 or over made the most significant changes in the renting population in recent years. With an increase of over 28% between 2009-2015—compared to only a 3% increment in renters 34 or younger—seniors are the game changers in the home rental landscape.
To maintain your own home or rent? Based on a survey conducted by GfK Public Affairs and Corporate Communications, over 5 million baby boomers expect to rent their next home. However, the choice depends on the lifestyle you want and what you’re willing to pay for.
The following are reasons why you may prefer renting over owning:
If you’re ready to downsize, or undecided on where you want to spend your retirement, renting may be a great option. Renting has the benefit of enabling you to think about your next move—such as relocating for better weather or lower cost of living. You get the freedom to try out new locations and live in retirement hotspots without the commitment of buying. You may also want to move close to family members, or jump back on the housing market and find a home that will suit your needs when you become less mobile. Another reason may be due to your health or that of a mily member. Moreover, a long-term lease in communities like the the over 55 communities in Barnegat, NJ, will minimize the uncertainty of rising rents.
Lower Cost of Living
When you rent, you will likely not be responsible for repairs, especially major structural maintenance. You only have to call the property manager or owner to have the problem fixed. Moreover, since the owner has insured the house, you won’t have to worry about paying for extensive damages. The older the home, the higher the maintenance costs. Homeowners spend an average of 1% to 4% annually each year on maintenance. However, if you’re renting, it is necessary to read the lease carefully before you sign to ascertain that the owner is responsible for nearly all the repairs and maintenance.
Moreover, as you age, you may find it tasking to do some house repair tasks like climbing ladders to change a bulb or mowing the lawn. So, it is not only about the cost. Another factor to consider is whether the home is designed with seniors in mind. Will you be able to access the rooms easily as you age? Is there a bathroom or bedroom downstairs? Will you able to go up and down the stairs? Other things to consider include, easy access to adequate medical care, desire to keep the home, and amenities for seniors in the community.
The Advantage of Using Home Equity as Part of Your Retirement Plan
If you decide to rent, you could potentially turn your home’s equity into additional retirement income. This requires tapping into its equity by selling the house, renting it, or taking a reverse mortgage. If you have a low tax base and your mortgage is almost paid off, it may be beneficial to keep the house. But if you don’t have much equity or you have recently purchased your home, it would be advisable to sell and go for a rental apartment.
For those who haven’t saved enough for retirement, selling the home may be the only option. A home’s equity could be used during retirement years to cover unexpected or high medical costs or long-term care insurance for a relative.
Access to Amenities and a Network of Support
One of the major benefits of renting is the ability to interact with other seniors while enjoying the flexibility of a smaller apartment. You can downsize by moving into senior housing like one of the over 55 communities in Barnegat, NJ, where you will be surrounded by your peers, enabling you to maintain close relationships as you grow older. Moreover, most complexes include various amenities such as:
- A clubhouse for group meetings
- On-site laundry facilities
- Outdoor areas for barbeques
- Planned activities and scheduled outings for residents
- A pool
- A fitness center or gym
Before signing the lease for a specific apartment, you have the opportunity to investigate the available amenities to see if they meet your social habits and personal lives by asking the following questions:
- Are individual housing units and bathroom facilities easily accessible?
- Which part of the maintenance will not be handled by the management?
- Do the housing units have ample closet space and other facilities?
- Does each apartment—and the complex as a whole—offer adequate security?
- Is there ample parking space?
- Are the lease conditions favorable?
- Are there public transportation access points close by?
- How close are the units to city services, such as museums, health centers, libraries, and senior services?
- Is the apartment and environment beautiful and well-maintained?
Barnegat67—The Ideal Retirement Home
Barnegat 67 offers a luxurious, fulfilling, and convenient community lifestyle for seniors in historic Barnegat, New Jersey. This four-story rental complex for over 55 communities in Barnegat, NJ houses 151 luxury rental apartments with beautiful common spaces designed for relaxation.
- Easy Access to Barnegat Township: Located in Barnegat Township, the coastal haven adjoining Barnegat Bay in Southern New Jersey, this rental complex offers proximity to parks, antique stores, boutiques, gift shops, restaurants, ice cream stores, and museums.
- Recreational Opportunities: The public shorefront area offers boat launching facilities, boardwalk, a dock, a stunning beach, crabbing, and fishing. With only 20 minutes from Long Beach Island and 45 minutes from the glamor of Atlantic City, Barnegat67 provides a convenient living.
- Close Proximity to New York and Philadelphia: Enjoy a convenient commute to New York City or Philly in under two hours. Barnegat67 offers immediate access off the Exit 67 Ramp on the Garden State Parkway, making it an essential destination for convenient and comfortable living.
Seniors can choose from the following available units:
- One-bedroom apartments
- One-bedroom apartment with a home office
- Two-bedroom apartment
- Two-bedroom apartment with home office
Amenities and Perks
- Quality Shopping and Dining: Retail spaces on the ground floor provide convenient access to shopping centers, urgent medical care, day-to-day living needs, and restaurants.
- Instant Access off of the Garden State Parkway: The rental complex offers immediate access off the Exit 67 Ramp on the Garden State Parkway
- Public Courtyard: Looking for a great space to venture outside and enjoy a fine dining experience? Our public courtyard is the ideal space for you.
- Rooftop Resident Lounge: Soak up the sun rays and breathe in the fresh air on the rooftop resident lounge. You can also barbeque with family and friends, watch movies, play bocce, watch movies and enjoy sunset all in the comfort of your home. Facilities include theater/screening area; firepits and barbeques; lounge and tanning area; dining/playing tables; bocce court; and dog run.
- Indoor Lounge: Mingle with other tenants and friends with the indoor amenity lounge, an ideal space for entertaining yourself with card games, and billiards. You can also relax while reading your favorite novel by the fireplace. Enjoy amenities like fireplace, kitchenette/bar, card tables, billiards, work stations with Wi-Fi, and a reading corner.
- Building Conveniences: Barnegat 67 offers various conveniences within and outside the building area, including a resident storage area, onsite building management, assigned parking, and multiple entrances.
- Beautifully Finished Residences: Experience the luxury and convenience of beautifully finished residences. The units are equipped with a stainless steel appliance package, stone countertops, upgraded LVT flooring, in-unit washer/dryer, and multiple HVAC zones.
- Fitness Center and Urgent medical care on-site: Healthy living is a priority of Barbegat 67. As such, Planet Fitness offers 15,000 square feet of workout and relaxation space. Residents have access to an extensive selection of cardio and strength-building equipment, tanning and massage, and various fitness classes day and night.
It’s not only younger home buyers that are faced with the dilemma of whether to buy or rent. Older homeowners are also affected by this issue. Some want to avoid the hassles of home maintenance, while others have home mortgage payments that they couldn’t afford if they retire. There is also a group of seniors that desperately need access to their home’s equity to afford a comfortable retirement.
Therefore, one of the major arguments for renting is that you won’t have to worry about maintenance and repair expenses. Moreover, for seniors over 55, communities in Barnegat, NJ like Barnegat 67 offer a great location, access to amenities, and luxurious living.